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ARGGY - Aston Martin Lagonda: Fresh Funding Remains Vital
Aston Martin Lagonda Global Holdings PLC ADR
Embattled in 2019, British iconic car company Aston Martin Lagonda Global Holdings plc (AMGDF;ARGGY) has seen its hardships continue in 2020. The company has recently issued a profit warning informing investors its 2019 core wholesales declined 7%; this, despite a 12% rise in core retail sales, has taken a toll on adjusted EBITDA and liquidity. As CEO Andy Palmer said, "Our underlying performance will fail to deliver the profits we planned." The company also mentioned it could draw additional debt, driving already bloated leverage higher.